Interpace Biosciences, Inc.

What they do

Interpace provides esoteric molecular diagnostic testing and pathology services to help physicians evaluate cancer risk in patients with indeterminate biopsies. The company develops and commercializes genomic tests, currently centered on its thyroid franchise: ThyGeNEXT for mutation detection and ThyraMIR v2 for microRNA pathway insights. It discontinued its PancraGEN pancreatic testing business in May 2025 and now operates as a thyroid-only molecular diagnostics company.

Revenue drivers

• Thyroid molecular diagnostics (ThyGeNEXT and ThyraMIR v2) — The company's only remaining revenue line after the May 2025 PancraGEN discontinuation; Q2 2026 thyroid revenue rose 9% year over year and trailing twelve-month thyroid revenue was $36.1 million.
• Clinical services and pathology — Interpace describes itself as providing esoteric molecular diagnostic testing and pathology services to physicians, with revenue dependent on sales and reimbursement from clinical services.
• Medicare and third-party reimbursement — The company's forward-looking disclosures state it relies on Medicare reimbursement for its clinical services, and CMS's decision to cease coverage of PancraGEN on April 24, 2025 removed that test from the revenue base.

Recent performance

Second quarter 2026 revenue was $9.1 million, compared with $9.2 million in Q2 2025. Q2 2026 income from continuing operations was $0.3 million, versus a net loss from continuing operations of $0.5 million in the prior-year quarter. Adjusted EBITDA was $0.7 million, or 8% of revenue, and included approximately $0.2 million of non-recurring professional fees. Thyroid revenue increased 9% year over year and thyroid volume increased 6%, with gross margin expanding to 62% from 54% on a Pro Forma basis.

Strategy

Management is focused on the thyroid-only business, saying Q2 2026 results reflect the strength of the ThyGeNEXT and ThyraMIR v2 platform and consistent commercial execution. The company is investing in laboratory automation, which moved into production in Q2 2026, and in AI-enabled productivity initiatives intended to scale operating leverage without a corresponding increase in headcount. Interpace is adding a Chief Scientific Officer effective September 8, 2026, and is seeking to extend its next-generation sequencing and microRNA platforms into pancreatic cancer.

Risks

• Medicare reimbursement dependence — The company's forward-looking statements cite reliance on Medicare reimbursement for its clinical services, and CMS's April 24, 2025 decision to cease coverage of PancraGEN led to specimens not being accepted after May 2, 2025.
• Concentrated ownership — The 10-Q states Interpace is subject to the controlling interests of two private equity investors who control an aggregate of 84% of its outstanding common stock.
• Delisting and trading venue — The company discloses that its common stock was delisted from Nasdaq and removed from trading on the OTCQX on August 18, 2025, and subsequently trades on the OTCID, which may continue to adversely affect its stock and business.
• Thyroid-only revenue concentration — Following the discontinuation of PancraGEN, all revenue depends on the thyroid franchise and on sales, reimbursement and clinical adoption of ThyGeNEXT and ThyraMIR v2.

Outlook

Management said the second quarter positions Interpace to build on momentum through the remainder of 2026, citing disciplined execution, expanding clinical adoption and operational improvement. The company expects laboratory automation and AI-enabled productivity initiatives to support continued margin expansion as the year progresses. Beginning with Q3 2026, reported year-over-year comparisons will be presented on a directly comparable thyroid-only basis.